Cancellation Of Pmi Cancellation of Private Mortgage Insurance (PMI) The Homeowners Protection Act of 1998 established rules for automatic termination and borrower cancellation of Private Mortgage Insurance (PMI) for home mortgages These protections apply to certain home mortgages signed on or after July 29, 1999 for the home purchase, initial construction, or refinance of a single-family home It does not apply
Long Term Problems - unitymortgagelending. com Mortgage Modification – If you can currently make your regular payment, but can’t catch-up on the past due amount, the lender may agree to modify your mortgage One way is to add the past due amount into your existing loan and finance it long-term Mortgage Modification may also be possible if you no longer can make your payments at the former level The lender may modify your mortgage and
Frequently Asked Questions - Unity Mortgage Lending Frequently Asked Questions When should I refinance? It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan It may be a viable option even if the interest rate difference is only 1% or less Any reduction can trim your monthly mortgage payments Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8
What Can I Afford - unitymortgagelending. com How big of a FHA Loan Can I afford? Your monthly costs should not exceed 29% of your gross monthly income for a FHA Loan Total housing costs often lumped together are referred to as PITI
Best Program For You - unitymortgagelending. com What type of loan program is best for me? The many different types of home loans available can seem overwhelming Should you choose a fixed rate, adjustable rate or government loan mortgage? The truth is there is no right answer Choosing a loan type is an important decision that is best made after you have researched your options Remember, taking the time to explore your options now can mean
FHA Loans - unitymortgagelending. com FHA Loans FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA) FHA loans are available for single family and multifamily homes These home loans allow banks to continuously issue loans without much risk or capital requirements The FHA doesn't issue loans or set interest rates, it just guarantees against default